Canadian investment holding company Power Energy Corp. has acquired community-solar-focused developer Nautilus Solar Energy from Virgo Investment Group and the company's management.
The management, including co-CEOs Jim Rice and Laura Stern and president Jeffrey Cheng, are staying on under the new owner.
“This transaction supports Nautilus’s established strategy of acquiring, developing, financing, owning and managing solar assets throughout the US, with a focus on community solar markets," said Rice. "PEC’s acquisition will not only provide Nautilus with competitive capital, but also the capabilities to accelerate growth to achieve greater scale in the market.”
Montréal-based Power Energy Corp.'s other portfolio companies are wind and solar power producer Potencia Renewables, which owns assets in the U.S. and Canada, electric truck and bus company The Lion Electric Co., and high spec lighting designer and manufacturer Lumenpulse.
Nautilus was reported to have been in the market for corporate equity earlier this year, but was also exploring the sale of its roughly 100 MW operational portfolio with boutique advisory firm MVP Capital acting as financial adviser (PFR, 5/10).
Virgo continues to own the operational portfolio, which will be managed by Nautilus.
“We are excited to reach this milestone with Nautilus after having partnered with the management team for the past four years to build one of the country’s leading community solar developers at the nascent stages of the community solar sector," said Eli Aheto, a partner at Virgo. "We look forward to a continued strong relationship with Nautilus as the developer and asset manager of Virgo’s portfolio of 80 MWs of C&I and community solar serving over 2,000 customers in eight states."